EUR/USD retreats from one-month high, still well bid above 1.0600
|The EUR/USD pair trimmed some of its strong gains to one-month high and has now retreated back below mid-1.0600s.
Currently hovering around 50-day SMA, near 1.0640-45 region, hawkish comments from Philadelphia Fed President Patrick Harker, reinforcing prospects of three Fed rate-hikes in 2017, added fuel to mild greenback recovery led by slightly better-than-expected weekly jobless claims data.
However, it remains to be seen whether Wednesday's disappointment from Trump's press conference has been digested by the market or the latest leg of bounce witnessed in the key US Dollar Index, from 4-week lows, is on the back of some short-covering.
Next in focus would be the Fed Chair Janet Yellen's appearance, where nothing related to monetary policy is expected to emerge, but would still grab market attention.
Technical levels to watch
A follow through retracement below 1.0620 region, previous strong resistance now turned immediate support, could drag the pair back below 1.0600 handle towards testing its next support near 1.0575 level.
On the flip side, momentum back above 1.0670-75 region now seems to accelerate the move beyond 1.0700 handle, towards testing an important horizontal resistance near 1.0760-65 region.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.